For much of 2021, the Central Bank of Nigeria (CBN) has been in the headlines for its anti-cryptocurrency measures. Yet, the institution has this week redoubled its investment and research into crypto’s underlying technology, blockchain, and has set a clear date for the pilot scheme of its blockchain-powered central bank digital currency (CBDC). On Oct. 1, CBN will reportedly launch a pilot scheme for “GIANT,” a CBDC project in development since 2017 that runs on the open-source blockchain Hyperledger Fabric. Rakiya Mohammed, CBN’s information technology director, said the bank might conduct a proof-of-concept before the end of 2021. In a …

A private secondary school based near the Nigerian city of Kano has announced it will be accepting payments for school fees in cryptocurrency amid the country’s central bank banning financial institutions providing services to crypto exchanges. According to a Thursday report from local news outlet Kano Focus, the director of the New Oxford Science Academy in the Kano suburb of Chiranchi will allow students to pay for tuition fees in crypto. Sabi’u Musa Haruna, who started working at the school in 2017, urged the Nigerian government to embrace and regulate cryptocurrency, but seemed to imply he would not wait with …

Speaking during Wednesday’s annual Digital Africa Conference, Isa Pantami, Nigeria’s Minister of Communications and Digital Economy, identified blockchain as part of the government’s focus on emerging technologies, according to a report by Voice of Nigeria. Highlighting the conference theme — “Building a New Africa with AI and Blockchain” — Pantami stated that the government was working toward establishing innovation centers. According to Pantami, these innovation centers will explore capacity-building protocols for artificial intelligence, the Internet of Things, robotics, cloud computing and blockchain technology, among other fields. As part of his address, the communications minister said the move was part of …

Rakiya Mohammed, an IT specialist at the Central Bank of Nigeria (CBN) has announced that the apex bank is making efforts to float a central bank digital currency in the country. According to a report by People’s Gazette, Mohammed made this known after the Bankers Committee meeting held in Abuja on Thursday, telling reporters: “Before the end of the year, the Central Bank will be making a special announcement and possibly launching a pilot scheme in order to be able to provide this kind of currency to the populace.” Back in May, CBN governor Godwin Emefiele had stated that digital …

At a 279th meeting of the Monetary Policy Committee in Abuja, Central Bank of Nigeria Governor Godwin Emefiele expressed confidence that cryptocurrencies like Bitcoin (BTC) will be legal in the country, Business Insider reported on Wednesday. Emefiele did not directly mention a decision to reverse the CBN’s February ban of institutions from buying and selling crypto but noted that the bank has been investigating the industry: “We are committed in the CBN, and I can assure everybody that digital currency will come to life even in Nigeria [...] Under cryptocurrency and Bitcoin, Nigeria comes 2nd, while on the global side …

A versatile asset, Bitcoin can wear multiple hats, including its function as a currency. One Nigerian on Twitter recently detailed how Bitcoin has helped him overcome a slew of monetary difficulties. “Growing up in Nigeria, I see #Bitcoin with a different lens than you do if you grew up in the US for example,” said the CEO of Bitnob, Bernard Parah, in a tweet on Thursday. His tweet was part of a thread detailing a bevvy of monetary difficulties, pointing toward Bitcoin as a solution. “You cannot spend more than $100 on international sites using your card - You can't …

After nearly three years in operation, Nigerian cryptocurrency exchange Quidax has reported more than $3.2 billion in transactions, underscoring the rapid adoption of digital assets in Africa’s largest economy. Since launching in August 2018, Quidax has amassed over 400,000 customers across 72 countries, the company disclosed on Monday. The figures were published alongside an announcement that the exchange plans to further expand its crypto trading operations beyond Africa. In addition to its expansion plans, Quidax announced the launch of QDX, its native token, on Binance Smart Chain. The BEP-20 token “will power all the functions within the Quidax ecosystem from …

A luxury hotel in Lagos, Nigeria will reportedly accept Bitcoin (BTC) as a form of payment and adopt the digital asset as its primary reserve currency as concerns about inflation continue to grip Africa’s largest economy. George Residence confirmed its intent to begin accepting Bitcoin this weekend, according to 1st News, a Nigerian news publication. George Residence, which offers luxury hotel and premium apartment suites, will accept BTC through Coinvest Africa, a regional cryptocurrency brokerage. "We have allocated around 50% of our cash reserves to Bitcoin. [...] We hope to increase that as time goes on,’’ said ‘Yanju George, the …

Lamido Yuguda, the director-general of Nigeria’s Securities and Exchange Commission has said the central bank’s crypto ban has caused significant disruptions to the market. According to a report by The Guardian, the SEC director-general made this assertion known during a press conference organized after the meeting of the Capital Market Committee on Thursday. As previously reported by Cointelegraph, the Central Bank of Nigeria barred commercial banks from servicing crypto exchanges back in February. According to Yuguda, the commission has been forced to pause its planned cryptocurrency regulatory framework announced in September 2020. The SEC director-general also maintained that the suspension …

The first-ever virtual version of Blockchain Africa delivered an optimistic outlook for the cryptocurrency and blockchain space in the continent as the world settles into a new normal dictated by COVID-19. The conference featured a number of well-known industry commentators, participants and thought leaders from around the world who addressed a completely virtual audience. The event attracted around 4,000 attendees online, according to organizer Sonya Kuhnel, despite going virtual in light of the ongoing COVID-19 pandemic. A major highlight of the conference was an insightful keynote address from Cardano founder Charles Hoskinson on Africa’s burgeoning position as a hotbed for …

Godwin Emefiele, governor of the Central Bank of Nigeria, or CBN — which previously banned banks from servicing crypto exchanges — has reportedly clarified the bank’s position on the use of cryptocurrencies in the country. According to local news outlet TodayNG, CBN Deputy Governor Edward Lamekek Adamu said on behalf of Emefiele that the bank had not banned Nigerian residents from buying, trading or selling crypto but “[protected] the banking sector from the activities of cryptocurrencies.” Lamtek spoke at a seminar for finance correspondents and business editors in the capital, Abuja. “The CBN did not place restrictions from use of …

The seventh session of the Africa Regional Forum on Sustainable Development convened earlier this month with the theme “Building forward better: Towards a resilient and green Africa to achieve the 2030 Agenda and Agenda 2063” and to promote the economic, social and environmental dimensions of sustainable development. Amina Mohammed, deputy secretary-general of the United Nations, pointed out that developing a just, fair economic model that embraces green and renewable energy, resilient infrastructure, and digitalization — while protecting natural resources by broadening partnerships for science, technology and innovation — could unleash the region’s green potential and fuel economic transformation. UNECA’s digital …